JSC Halyk Bank (HSBK)
29 August 2019
Moody's affirmed Halyk Bank Ratings at 'Ba1' and changed the outlook from stable to positive
On 27 August 2019 the international rating agency Moody's affirmed its 'Ba1' Long-term Bank Deposit ratings and changed outlook from stable to positive on Halyk Savings Bank of Kazakhstan ("Halyk Bank" or the "Bank"). This follow the change of the outlook on Kazakhstan's Baa3 sovereign rating to positive from stable on 22 August 2019.
The rating affirmation and a change of outlook to positive from stable on the Halyk Bank's long-term deposit rating reflect Moody's assessment of a very high probability of government support for the bank's deposits which results in two notch uplift from the bank's ba3 BCA. According to the National Bank of Kazakhstan (NBK), Halyk Bank was the largest bank in Kazakhstan in terms of total deposits (with a market share of 37%) and total assets (34%), as well as the largest in terms of retail deposits (36%), as of 1 August 2019.
Halyk Bank's ba3 BCA continues to reflect (1) its healthy capital adequacy; (2) robust competitive market position in Kazakhstan, which translates into very strong profitability; and (3) strong liquidity.
About Halyk Bank
Halyk Bank is Kazakhstan's leading financial services group, operating across a variety of segments, including retail, SME & corporate banking, insurance, leasing, brokerage and asset management. Halyk Bank has been listed on the Kazakhstan Stock Exchange since 1998 and on the London Stock Exchange since 2006.
In July 2017, the Bank purchased majority stake in Kazkommertsbank JSC - the second largest Bank in Kazakhstan by total assets - and merged it fully in July 2018.
With total assets of KZT 9,059.1 billion as at 30 June 2019, Halyk Bank is Kazakhstan's leading lender. The Bank has the largest customer base and broadest branch network in Kazakhstan, with 641 branches and outlets across the country. The Bank operates in Georgia, Kyrgyzstan, Russia, Tajikistan and Uzbekistan.
For more information on Halyk Bank, please visit https://www.halykbank.kz
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